Dwyane Wade and Chris Bosh are teaming up together on the Miami Heat, according to a person with knowledge of the situation.

Whether LeBron James, the kingpin of this summer's celebrated free agent class, will join them remains to be seen. James will announce his decision Thursday night at 9 ET during a one-hour special on ESPN.

Wade and Bosh are expected to announce their decision on Wednesday, according to the source.

James or not, the Heat could emerge as one of the top teams in the Eastern Conference with Wade and Bosh aboard. Wade, who led the Heat to the NBA title in 2006, is re-signing with the club, while Bosh will leave the Toronto Raptors after seven years with the club.

Both players are expected to get the maximum amount allowable under the league's collective bargaining agreement, though the addition of James could change the players' salaries. Contracts cannot be officially signed until July 8.

It was not immediately clear whether Bosh will sign with Miami outright or join the Heat through a sign-and-trade deal. Bosh could earn $125 million over six years via sign-and-trade, but only $96 million over five without it.